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ECONOMIC AND URBAN DEVELOPMENT MEMIORANDUM <br /> Memo No. 06-263 ' <br /> � <br /> November 1, 2006 <br /> TO: Honarable Mayor Paul Osborne and City Council I'i <br /> FROM: Steve Ga City Manager <br /> Dane C. r , Assistant City Manage�3�; <br /> Greg C. o e, Economic Development Coordinatb� <br /> SUBJECT: Adopting Eastgate Commons Redevelopment Proje�t,Plan and Tax <br /> Increment Financing !, <br /> SUMMARY RECOMMENDATION: Staff recommends ap�roving the ordinances <br /> designating, approving and adopting the Eastgate Commons Rede�elopment Proj ect, Plan <br /> and Tax Increment Financing for the Plan. Staff also recomm�nds deleting the small <br /> triangular shaped parcel in the southeast corner of the Project Area, since the parcel is not <br /> currently annexed into the City. <br /> � <br /> BACKGROUND: The Eastgate Redevelopment Project iand Plan is for the � <br /> redevelopment of the former K-Mart shopping center located at the corner of US Route <br /> 36 and IL Route 121 and will be adjacent to the current Southeast�laza TIF to the south. <br /> A Redevelopment Agreement with II' Plaza was approved by the �ity Council on July 3, <br /> 2006 to provide for the redevelopment of the former K-Mart store. The proposed <br /> Eastgate Commons TIF will provide for the financial facility to r�imburse the developer <br /> for TIF eligible expenses in order to renovate the site. � <br /> INPUT FROM OTHER SOURCES: N/A I, <br /> POTENTIAL OBJECTION: N/A II <br /> STAFF REFERENCE: Any additional questions may be forwa�ded to Greg Crowe at <br /> 424-2725 or at ccrowe :decaturnet.org. � <br /> BUDGET/TIME IMPLICATIONS: N/A <br /> I <br /> I <br />